US Cellular 2010 Annual Report Download - page 62

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UNITED STATES CELLULAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 6 EARNINGS PER SHARE (Continued)
The amounts used in computing Earnings per Common and Series A Common Share and the effects of
potentially dilutive securities on the weighted average number of Common and Series A Common Shares
are as follows:
Year ended December 31, 2010 2009 2008
(Dollars and shares in thousands, except earnings per share)
Net income attributable to U.S. Cellular shareholders .............. $132,324 $206,732 $33,140
Weighted average number of shares used in basic earnings per share . 86,128 86,946 87,457
Effect of dilutive securities:
Stock options ........................................ 89 21 150
Restricted stock units ................................... 301 201 147
Weighted average number of shares used in diluted earnings per share . 86,518 87,168 87,754
Basic earnings per share attributable to U.S. Cellular shareholders .... $ 1.54 $ 2.38 $ 0.38
Diluted earnings per share attributable to U.S. Cellular shareholders . . . $ 1.53 $ 2.37 $ 0.38
Certain Common Shares issuable upon the exercise of stock options or vesting of restricted stock units
were not included in average diluted shares outstanding for the calculation of Diluted earnings per share
because their effects were antidilutive. The number of such Common Shares excluded is shown in the
table below.
2010 2009 2008
(Shares in thousands)
Stock options .................................... 1,771 2,045 1,103
Restricted stock units ............................... 224 193 176
NOTE 7 ACQUISITIONS, DIVESTITURES AND EXCHANGES
U.S. Cellular assesses its existing wireless interests on an ongoing basis with a goal of improving the
competitiveness of its operations and maximizing its long-term return on capital. As part of this strategy,
U.S. Cellular reviews attractive opportunities to acquire additional wireless operating markets and
wireless spectrum. In addition, U.S. Cellular may seek to divest outright or include in exchanges for other
wireless interests those markets and wireless interests that are not strategic to its long-term success.
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